Spending Too Much Time and Money on Education?

Introduction

Top to bottom: Christopher Capozziello for The New York Times, Jin Lee/Bloomberg News Waiting for a diploma; waiting for a job.

Americans are spending more and more on education, but the resulting credentials — a high-school diploma and college degrees — seem to be losing value in the labor market.

Americans who go to college are triply hurt by this. First, as taxpayers: state and federal education budgets have ballooned since the 1950s. Second, as consumers: the average college student spends $17,000 a year on school, and those with loans graduate more than $23,000 in debt. And third, as a worker: in 1970, an applicant with a college degree was among an elite 11 percent, but now almost 3 in 10 adults have a degree.

Given that a high school diploma, a bachelor's degree and even graduate school are no longer a ticket to middle-class life, and all these years of education delay the start of a career, does our society devote too much time and money to education?